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Strategies for retailers to not only keep the online e-commerce business afloat, but also to excel and provide substantial revenue growth
FREMONT, CA: Versatility and Convenience are what the e-commerce industry stands for; it is growing and transforming with each day. To ace as a retailer in the industry, technology can be adopted as the essential sidekick. Online retailers can expand their businesses at scale by continually monitoring trends and KPIs of competition, implementing a comprehensive strategy and following through with consistent work.
To assist the growth of online retailers, critical strategies that are not so commonly employed need to be implemented. Some of the not-so-common strategies are discussed below:
• Include Great Product Descriptions Along with Great Photos:
Many sellers undermine the value of a great product description. Most of them even underestimate the effect a good, crisp, and a high-quality photo of a product. These practices should be discouraged and avoided altogether. A spot-on description and a good-quality photo can persuade and change the mindset of the customer.
By skipping on a description and having low-resolution photos for advertisement will portray a negative outlook about the brand in the minds of the buyer, leaving an impression of a shady or a scammer-like retailer.
To create an overall positive attraction towards the product, a crystal clear description that depicts the entire value proposition to potential buyers must be included. Further details describing the benefits of the usage gets extra points.
Additionally, the aesthetics of the product should be curated to look visually interesting and encourage the buyers to take the step and make a purchase. An extra effort to make the product look visually enticing in the image contributes to a significant part of the decision making the process.
• Target Variety of Groups:
By default, the brand's ideal customers need to be targeted, which is why the creation of the ideal buyer persona is necessary before the retailers implement the initial growth strategy. However, the creation of the ideal buyer persona does not mean that the target customers range should be limited. The widening of the target horizons benefits will increase, and sync is established.
It should be kept in mind that the consumers should share something in common with the brand for the strategy to produce positive results. The intention of aligning with new audiences will only work if some features from the ideal buyer persona are recognized in the new group. By following the strategy, new customers can be identified, and growth is ensured.
• Sell Through Major Marketplaces:
For the products to gain exposure and for boosting the income of the business, avenues like other major e-commerce sites and various markets can be used to showcase the products. The products should mainly be sold on the company's store or website, but reinforcement from other players can also assist in spreading awareness.
Amazon has been undoubtedly the most popular marketplaces in the e-commerce sector. By advertising and making sure the company's product is available in the marketplaces like Amazon, much attention and business can be drawn. These marketplaces need not be the primary channel for online sales, but the service should be availed as it helps the brand to catch the eyes of the buyers.
Security measures should be taken to avoid infringers and unauthorized sellers on Amazon to duplicate the products and sell them in false pretences. These entities can reduce sales as wells brand value by igniting a channel conflict. Hence, with every new step taken, the pros and cons of the mechanisms involved need to be fully understood. In the case of Amazon, the brand protection issue is provided to maintain the quality and avoid the products from being replicated.
• Re-Evaluate the Brand's Website:
Before building further up, the foundation should be regularly checked to make sure it is effective. The basic foundation of the brand, if efficient, will encourage development. As websites are the basic benchmark of any e-commerce business, a regular check-up is essential. The capacity to grow, the ease of use for the customer, and the build need to be checked out.
Great websites are usually packed with multiple options and convenient features such as design choices, payment gateways, and product support. It is highly recommended to maintain and repair the website so that the right platform is engaged. A good foundation can multiply the results to enable good business if growth is the goal for the business; the foundation should be optimally analyzed.
• Optimize the Checkout Process:
The emphasis on the checkout process is crucial for all e-commerce businesses. Many businesses do not invest many resources in the last mile operations of online shopping. To reduce the rate of cart abandonment to a minimum number, the checkout process needs to be optimized. Even though several retailers overlook the fact, the trend should not be maintained to stay different.
The process of checkout can be smoothened by the application of several features that are consumer-friendly and easy. With the addition of multiple checkout buttons, checkout options are now available with a single touch. The faster the checkout process, the more the increase in orders. Hence, the number of fields or forms to fill should be kept to a minimum. By optimizing the process to avail fast, secure and guest checkout options, the hassle is reduced, and customers interest is held. The website needs to be stronger in design here in this process than anywhere else, so extra attention to avoid technical glitches and compliance to all devices, including mobiles, should be executed.
The checkout process is significantly impactful on conversion rates of the orders, by holding the conversion rates at the minimum end of the spectrum, growth of the e-commerce business is inevitable.